Photo Credit: Government of Canada

💵 Government Of Canada Invests Almost $14 Million to Drive Innovation and Economic Growth in Vancouver

Wednesday, 20 March 2024 04:46.PM

- Seven local businesses and organizations will receive funding to commercialize new products, expand operations, and access global markets -

Vancouver is brimming with the talent and industry-leading ideas to meet global demand for Canadian products and services. That is why the Government of Canada is making strategic investments in projects that are helping scale-up local businesses to develop and market new technologies.

The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced almost $14 million in PacifiCan funding to help seven Vancouver-based businesses and organizations in British Columbia grow even faster.

The funding announced today includes over $11.5 million for four companies through PacifiCan's Business Scale-Up and Productivity program and over $2.4 million for three companies through its Jobs and Growth Fund.

Minister Ng made the announcement at Clarius Mobile Health in Vancouver, a medical device company receiving over $3.3 million in PacifiCan funding. This investment will help Clarius accelerate export sales of its wireless handheld ultrasound devices, designed for point-of-care use by medical professionals. Point-of-care ultrasound exams are performed outside the radiology suite to allow for quicker insights and decisions during a patient’s appointment.

Clarius' ultrasound technology connects to electronic devices such as smartphones and tablets, allowing clinicians access to medical imaging in real time, which can improve patient care and reduce health care costs. PacifiCan's investment will allow Clarius to implement new sales models in international markets, creating 77 jobs.

Clarius' business potential was recognized by PacifiCan in 2022 with a $2.4 million investment to support expansion internationally by registering its device in 10 new markets and growing distribution partnerships. Subsequently, in July 2023, with input from an independent selection panel, Clarius was announced as one of the firms included in the Global Hypergrowth Project – a whole-of-government initiative which helps high-potential Canadian firms to scale and become anchor firms in Canada.

More details about the businesses and organizations receiving funding can be found in the backgrounder section below.

In all, today's investments are expected to create over 380 jobs, over $330 million in revenue growth, and $226 million in new global sales for B.C. businesses.

"Vancouver is home to many of British Columbia's brightest and boldest changemakers who are driving innovation and economic growth in our province. PacifiCan is investing in the businesses, organizations, and ideas that will positively impact the lives of British Columbians and people around the world. Today's funding will help unlock the potential of Canadian technology, create quality jobs, and position B.C.-based companies for growth at home and on the world stage."
- The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

Quick Facts

• The global ultrasound equipment market is expected to grow from $6.52B US in 2021 to $9.2B US by 2028, a cumulative annual growth rate of 5.9%.
• PacifiCan is the federal economic development agency dedicated to British Columbians. • • PacifiCan works with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province.
The Business Scale-up and Productivity program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
• The Jobs and Growth Fund helps job creators, and the organizations that support them, to future-proof their businesses. This includes building resiliency and growth by transitioning to a green economy, fostering an inclusive recovery, enhancing competitiveness, and creating jobs across British Columbia.
• The Global Hypergrowth Project brings together the combined strength of government partners to help tailor support to each participating company's specific needs, offering solutions that are as unique as the companies themselves.

SOURCE: Pacific Economic Development Canada

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